GDP growth
in Q2
accelerated to +3% q/q
seasonally
-
adjusted and annualised
(
+
0.9%
in Q1
),
spurred
by a recovery in manufacturing output (
+
11.5%)
after a sharp fall in output in that sector in Q1
.
Encouragingly, both
wholesale
and
retail trade and financial services
also
re
gistered sound
growth
(
+
3.2% and
+
3.5%, respectively)
. The overall picture
suggest
s
that consumer demand is holding up
reasonably well, despite market volatility
(see above)
.
However, m
ining output
c
ontracted
by
-
5.8%
in
Q2,
following a sharp rebound in the previous quarter
, and further industrial disputes during the wage
-
bargaining season
are likely to
restrict production in H2
.
Overall, EH expects GDP growth of around
+2.5% in 2013, with
acceleratio
n
to +3.5% in 2014, subject to an expected global economic recovery
and accompanying
growth in
demand for commodit
y
-
based imports